Maximum saving benefit in Income Tax
There are some steps or some procedures to get maximum saving benefit in Income tax. Getting a PAN (Permanent account number) also helps in getting some savings or some benefits from the income tax. Some of the private companies follow some procedures like giving food coupons, giving other coupons, giving loans, etc to help their employees to save money from income tax. There are other methods that are followed by many and from this they obtain maximum saving benefit in income tax.
They are as follows:
1. The Infrastructure Bonds:
The Infrastructure bonds that are obtainable through the issues of the ICICI and the IDBI brought out in the name of ICICI security Bonds and also the IDBI Flexi bonds. Those issues supply tax - saving profit under the division 88 of the Income Tax Act of 1961, for the depositor. You can decrease your tax accountability by up to Rs 16,000 per year.
2. Company Fixed Deposits:
The Permanent deposits or the fixed deposits in the companies that make a fixed rate of the return over a phase of time are referred as the corporation Fixed Deposits. The fiscal institutions and the Non - bank Finance Companies (NBFCs) also acknowledge such deposit.
3. Life Insurance:
The Life insurance saving scheme for government owned Life Insurance Corporation of India and the other classified life insurance companies like the Bajaj Allianz, the Birla Sun Life Insurance, the HDFC Life Insurance, the ICICI Prudential, etc also provide some schemes which help you in saving the tax.
These are the different methods which provide maximum saving benefit in income tax. All these help us to show our income in a low level so that we can reduce the amount we pay as income tax each year. These methods help the middle class people in a high level.